ADB, AFD Announce Deadline for Pakistan Loan Agreement

Pakistan risks losing a USD1.18 billion energy investment supported by the Asian Development Bank and the French Development Agency if it fails to sign the loan agreement by the April 30, 2010, deadline set by the two aid agencies, Pakistan’s the News reports. ADB and AFD urged Pakistan’s Economic Affairs Division to take charge of negotiating the loan agreement with other concerned government agencies. Delay in signing the loan implies Pakistan’s lack of interest in energy conservation and energy efficiency, ADB and AFD stated in a letter sent to Sibtain Fazal Halim, secretary of the EAD.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.